Enova Mining Secures $0.85M to Drill High-Grade Rare Earth Targets at East Salinas

Strategic Capital Raise Bolsters Rare Earth Exploration

Enova Mining Limited (ASX, ENV) has successfully secured firm commitments to raise $0.85 million through a placement priced at $0.007 per share, matching the last traded price and reflecting robust investor support. This capital injection is earmarked primarily to advance a diamond drilling program at the company’s East Salinas Project in Brazil, a site that has recently yielded promising high-grade rare earth element (REE) surface samples.

CEO Eric Vesel highlighted the significance of this funding round, noting it as a pivotal step toward unlocking the value of East Salinas. The capital will enable Enova to accelerate exploration activities, including drilling to test surface anomalies and initiate metallurgical studies essential for defining efficient development pathways. Concurrently, the company plans to progress exploration at Santo Antônio do Jacinto and continue metallurgical test work at its CODA Project.

Focused Drilling to Define Mineralisation Potential

The upcoming diamond drilling campaign is designed to deliver a detailed subsurface picture along a 4-kilometre corridor encompassing the Naked Hill, Bald Hill, and Hairy Hills areas. Enova intends to drill 10 to 15 holes, each between 50 and 100 metres deep, to assess the extent and grade variability of mineralisation. The program also aims to collect fresh core samples for advanced metallurgical testing, with the potential to expand drilling based on initial results.

Recent surface sampling at East Salinas has revealed total rare earth oxide (TREO) grades reaching as high as 1.87%, underscoring the project’s strong mineralisation potential. These elevated grades, coupled with multiple large-scale magnetic and geochemical anomalies aligned with hyperspectral targets, provide a compelling framework for prioritising drill targets and advancing resource delineation.

Broader Exploration and Metallurgical Advances

Beyond East Salinas, Enova is advancing exploration sampling at its Santo Antônio do Jacinto and Resplendor tenements, targeting rare earth and lithium-bearing pegmatites. The company is also progressing metallurgical test work for its CODA Project, focusing on titanium and REE minerals, including leaching tests for scandium, niobium, and REE recovery. These efforts reflect a comprehensive approach to developing a diversified critical minerals portfolio across Brazil and Australia.

The placement shares will rank equally with existing shares, and investors will receive options exercisable at $0.012, subject to shareholder approval. The settlement is expected around 11 August 2025, with GBA Capital Pty Ltd acting as lead manager.

Positioning for a Critical Minerals Future

Enova’s strategic focus on rare earth elements and battery metals aligns with the growing global demand driven by clean energy technologies. The East Salinas Project, with its high-grade REE potential and large tenement footprint, stands out as a cost-effective and promising discovery within Brazil’s resource-rich landscape. The company’s disciplined exploration strategy and local geological expertise position it well to advance these assets toward potential near-term production opportunities.